Norsk Hydro ASA

Hydro reduces ownership in Vianode

Hydro has decided to reduce its ownership in synthetic graphite producer

Vianode, based in Norway, from 30 to 19.9 percent.

On September 6, the private equity fund Altor exercised a put option requiring

Hydro to acquire an additional 20 percent of Vianode. This transaction has not

been executed.

Hydro has agreed with Altor to cancel the put option and has further sold 10.1

percent of Vianode to Altor. Hydro's remaining shareholding is 19.9 percent and

Hydro will step down from the Board of Directors of Vianode.

As part of the agreement, Hydro and Altor have a mutual put/call option for the

remaining 19.9 percent of shares, which will be exercised no later than February

28, 2025.

Vianode is on a growth journey to supply the battery industry with much needed

low-carbon graphite. However, Hydro has decided to allocate its capital towards

projects supporting its strategic priorities towards 2030 and will therefore no

longer provide further capital to Vianode.

Impairments of NOK 956 million of investments in Vianode are taken in the third

quarter, with NOK 581 million impacting reported EBITDA and shareholder loan in

Vianode of NOK 375 million is impacting Finance expense.

Investor contact:

Martine Rambøl Hagen

+47 91708918

Media contact:

Halvor Molland

+47 92979797

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